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Harvest Company has the following payroll information for the pay period ended April 14: Taxable earnings for Social Security are based on the first $ 118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Required 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2944. 2. Prepare a general journal entry to record the payroll. The firm’s general ledger contains a Wages Expense account and a Wages Payable account. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a journal entry to record the payment of wages.

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 7, Problem 2PB
Textbook Problem

Harvest Company has the following payroll information for the pay period ended April 14:

Chapter 7, Problem 2PB, Harvest Company has the following payroll information for the pay period ended April 14: Taxable

Taxable earnings for Social Security are based on the first $ 118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week.

Required

  1. 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2944.
  2. 2. Prepare a general journal entry to record the payroll. The firm’s general ledger contains a Wages Expense account and a Wages Payable account.
  3. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a journal entry to record the payment of wages.

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